Are you a homeowner with a mortgage? Did you know that you may be eligible for some tax deductions? In this video, we'll cover the basics of mortgage tax deductions and how they can benefit you. First of all, let's define what a tax deduction is. A tax deduction is a reduction in the amount of taxable income you have, which can lower your overall tax liability. So, if you have a mortgage on your home, you may be able to deduct some of the interest you paid on your mortgage from your taxable income. To be eligible for the mortgage interest deduction, you must meet certain criteria. For example, the mortgage must be for your primary residence or a second home that you use for personal purposes. Additionally, there are limits on how much interest you can deduct based on the size of your loan and when you obtained it. Another tax deduction related to homeownership is the property tax deduction. If you pay property taxes on your home, you may be able to deduct a portion of those taxes from your taxable income. Again, there are limits and criteria for this deduction, so be sure to consult with a tax professional or use tax software to determine your eligibility and the amount you can deduct. #LoanWithJen #mortgagetaxdeductions #texasrealestate 👉TikTok: @loanwithjen 👉Instagram: @loanwithjen 👉Facebook: https://www.facebook.com/loanwithjen Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497 💻 Documents Needed to Get Pre-Approved Texas: http://checklist.loanwithjen.com/ 💻 Loan With Jen | Do Business With Us!: http://apply.loanwithjen.com/ 💻 Visit My Website - Mortgage Lender Houston | Loan With Jen Education - https://www.loanwithjen.com/ 📌More Helpful Content: ▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE ▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU ▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo Resources: Why Real Estate is the Best Investment? | ROI https://youtu.be/5buMfrcX-nQ 💻 MyFICO.com provides the closest score to consumers that closely reflects what lenders see. To learn more about building your credit score visit: https://www.awin1.com/cread.php?awinmid=75438&awinaffid=1734399&ued=https%3A%2F%2Fwww.myfico.com%2Fcredit-education%2Fcredit-scores%2Fhow-to-build-credit Any purchases made through myFICO.com using the above link costs you nothing more, however provides a small thank you to Jen for her educational videos.